Tae Won Mulsan Co. Ltd. said its third-quarter normalized net income came to 16.19 South Korean won per share, a decline of 33.3% from 24.25 won per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 118.7 million won, a decrease of 34.9% from 182.4 million won in the prior-year period.

The normalized profit margin dropped to 1.6% from 2.6% in the year-earlier period.

Total revenue grew 7.3% year over year to 7.46 billion won from 6.96 billion won, and total operating expenses rose 8.4% from the prior-year period to 7.36 billion won from 6.79 billion won.

Reported net income declined 34.1% on an annual basis to 153.6 million won, or 20.95 won per share, from 233.1 million won, or 31.00 won per share.

As of Nov. 16, US$1 was equivalent to 1,172.80 South Korean won.